Gwangju Buk-gu Allocates Budget of 1.1257 Trillion Won... Achieves 1 Trillion Won for 2 Consecutive Years

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[Asia Economy Honam Reporting Headquarters Reporter Kim Yukbong] Buk-gu, Gwangju City has exceeded a budget of 1 trillion won for two consecutive years, and this year has allocated the largest budget ever.

Buk-gu, Gwangju announced on the 14th that the 3rd supplementary budget for 2021 was finalized at 1.1257 trillion won at the 2nd plenary session of the district council held on the 13th.

This supplementary budget increased by 39.1 billion won in the general account and 5.5 billion won in the special account compared to the 2nd supplementary budget of 1.081 trillion won, and increased by 53.9 billion won compared to last year's final budget of 1.0718 trillion won.

Major allocations include 4.2 billion won for green remodeling of public buildings, 2.8 billion won for COVID-19 living support expenses, 2 billion won for expanding daycare centers, and 900 million won for creating a public parking lot in the Yangsan district.

Additionally, 1.3 billion won for local bond repayments, 5 billion won for the government office construction fund, and 2 billion won for the disaster management fund were allocated to actively respond to the upcoming new government office construction and the ongoing COVID-19 situation.

Meanwhile, since the 7th local government administration, Buk-gu has been able to repay about 2.4 billion won of local bonds early due to efficient financial management.

After repayment, the debt ratio compared to the budget is expected to decrease significantly from 1.06% based on the 2018 settlement to 0.20% by the end of this year, greatly improving financial soundness.

District Chief Moon In said, "The 3rd supplementary budget was formulated to rationally allocate resources to secure financial soundness and efficiency," and added, "We will successfully complete the projects carried out this year to contribute to improving residents' convenience and regional economic recovery."

Asia Economy Honam Reporting Headquarters Reporter Kim Yukbong bong2910@asiae.co.kr

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